As 2014 begins the majority of the population are looking to make up for a month of overeating. Trimming fat is a popular subject this time of year and we want to discuss it further, but in a business sense.

Many SMEs will be looking for a fresh approach this year, so we take a look at some of the best ways to trim the fat off your business in 2014:

1)     More Customers

It may sound obvious and provoke responses of ‘easier said than done’, but gaining more customers will drive your business forward. How? Perhaps splashing a bit more cash on marketing. You should see this as an investment rather than extra expense. Alternatively, you could use the resources you already have by asking existing customers to spread the good word about your service – a ‘refer a friend’ kind of scheme.

2)     Come Back Soon

When you have done all that you can to ensure a customer has received the best service possible, how do you then make them certain to return? Perhaps offer an incentive, such as 20% off next time. They might not be ready to use your service again soon, but with that offer it is worth them returning quicker to take advantage of the price reduction.

3)     Increase the Value

To increase the value of each sale you simply increase your prices, right? Not necessarily because that is not always feasible and sometimes it can deter new customers and upset existing ones. The best way to increase value is to use the old McDonald’s approach of “would you like to make that a large meal for an extra £1?” Using this approach will make each transaction worth a little bit more.

4)     What do you not need?

Instead of thinking about what you can do or what you need to do, think about what you do not need. By cutting down on things that are not necessary and perhaps a luxury it will free up some extra money to put back into the business. For example, Travelodge Hotels stopped putting shampoo in their hotel rooms because a survey revealed it was unnecessary and people where happy with clean, comfortable accommodation.

Small changes can have a profound effect, they needn’t be dramatic. Simple changes can make a massive difference, such as: improving the office layout, encouraging more employee communication, being marketwise, keeping an eye out for gaps in the market, creating a cost-conscious workplace and leading by example.

We always love to hear your thoughts on our posts. Send us your examples of how you've improved the processes in your business to dramatic effect. Feel free to contact us today!